The bank replied to a letter outlining an array of concerns with the proposed project and the corporate record of Adani with a simple statement:

“China Merchants Bank is not, and does not intend to be involved in the Adani Carmichael Mine project.”

The bank becomes the fourth lending institution in China to categorically rule out support for Adani’s mega mine after China Construction Bank, Industrial and Commercial Bank of China and Bank of China all issued similar statements earlier this month.

Twenty-eight commercial banks globally have now either ruled out finance to all or part of the proposed Galilee Basin coal export infrastructure, or have introduced policies that prohibit financing the Carmichael mine.

“Less than a day after the Queensland Government vetoed a proposed $1 billion taxpayer-funded bailout for Adani, yet another commercial bank moves to rule out any prospect of support,” said Market Forces Executive Director Julien Vincent. “It is hard to imagine any prudent lender giving this toxic project a second glance.”

“Building Australia’s biggest thermal coal mine while the world grapples with the climate crisis is not only an insult to all those who are suffering as a result of climate change, but also awful business sense. Around the world, the smart money is getting out of coal and it’s about time Adani acknowledges the Carmichael mine has no future.”